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Financial data aggregation enables people to see their checking accounts, savings accounts, investment accounts, credit card accounts, mortgages, HSAs, FSAs, and much more in one place. It has existed since the mid-1990s. Initially, financial data aggregation used a multiplicity of data-sharing standards including Intuit’s open exchange (OE) and Microsoft’s open financial connectivity (OFC). Then in 1997 companies started to unite around the open financial exchange (OFX), a standard driven primarily by the team at Microsoft Money.
Today there are two primary ways to share data: screen scraping (including whitelisted IPs) and APIs. While whitelisted IPs offer lots of advantages compared to traditional screen scraping, API connections are generally superior. For more on this topic, read our Ultimate Guide to Fintech Data.
Because financial data aggregation enables customers to see all of their accounts in one place, it's among the single best methods an institution can use to become a primary financial hub. Customers want to log in, see all their finances in a single view, and log out, and the company that gives them this ability stands the best chance of being a go-to place for finances.
In this piece, we list the major financial data aggregators in the United States. We start with MX for obvious reasons, but ultimately we hope that you will implement financial data aggregation regardless of who you choose to work with.
Founded in 2010, MX aggregates data for our clients using multiple account aggregators, which gives us the ability to switch connections in the event that one becomes deficient. In addition, we offer direct connections via partnerships as well OFX, CUFX, DDA/OAUTH, etc. With access to more than 16,000 organizations via 50,000 connections, MX makes it easy for financial institutions and fintech companies to access transactions, investments, account verification, identity verification, assets, liabilities, balances, PDF Statements, and more.
Finicity started with a focus on money management and evolved to give special attention to account aggregation. Founded in 1999, they have nearly two decades of experience on this front. Finicity helps end users with credit decisioning, offering a new credit scoring methodology called UltraFICO.
CashEdge was also founded in 1999 and was acquired by Fiserv in 2011. According to the Fiserv site, CashEdge now offers 'account-to-account transfer, account opening and funding, data aggregation, small business payments and personal payment services.'
Like Finicity and CashEdge, Yodlee was founded in 1999. It was purchased by Envestnet in 2015. Envestnet/Yodlee offers data aggregation, with a focus on investment data — particularly after the Envestnet acquisition.
Plaid was founded in 2013. At launch, they aimed to be a money management tool but have since pivoted to help companies — mainly fintechs — aggregate data. In 2019, Plaid acquired Quovo, which offers an API management toolkit that helps clients connect to financial data. In early 2020, Visa bought Plaid, but the deal eventually didn't pan out.
Intuit stopped offering their account aggregation services to third parties in 2016.
An article titled "A Buyer's Guide to Data Aggregation" from TearSheet contains more information about all these financial aggregators.
Again, we hope you will choose to partner with a financial data aggregator regardless of who you choose to work with. It's one of the best ways to become the primary financial institution for your customers since it gives them the ability to see all their finances in one place — in your portal.
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